공시 • May 20
88 Energy Limited Announces South Prudhoe Prospective Resource Upgrade
88 Energy Limited announced a material update to the Prospective Resource Estimate for its South Prudhoe Project (100% W.I.), located on Alaska's North Slope immediately south of the Prudhoe Bay Unit (PBU) and Kuparuk River Unit (KRU). For the South Prudhoe Project the estimated total gross unrisked 2U Prospective Resource has been revised to 768.9 million barrels of oil and NGL's (MMbbls), 640.7 MMbbls net to 88E confirming a substantial, multi-reservoir opportunity within one of North America's most prolific and infrastructure-rich oil provinces. The updated estimate follows further geophysical analysis by the Company of the Schrader Bluff 3D seismic velocity data and includes a maiden Prospective Resource for the Brookian reservoir interval within the South Prudhoe North-West Hub and an upgraded Prospective Resource for the Ivishak reservoir, in particular for the priority Augusta prospect. South Prudhoe total gross unrisked 2U Prospective Resources increased ~35% to 768.9 MMbbls (gross unrisked, 2U), 640.7 MMbbls net to 88E, confirming a significant-scale, multi-reservoir oil opportunity immediately south of the Prudhoe Bay Unit and Kuparuk River Unit. North-West Hub: 301.3 MMbbls (gross unrisked, 2U), 251.1 MMbbls net to 88E; and South-East Hub: 467.6 MMbbls (gross unrisked, 2U), 389.7 MMbbls net to 88E. Maiden North-West Hub Brookian Prospective Resource Estimate of 181.5 MMbbls (gross unrisked, 2U), 151.2 MMbbls net to 88E materially expanding the stacked reservoir opportunity set. New Brookian estimate comprises two shallow oil-bearing reservoir targets: West Sak (WS): 61.2 MMbbls (gross unrisked, 2U), 51.0 MMbbls net to 88E; and Upper Schrader Bluff (USB): 120.3 MMbbls (gross unrisked, 2U), 100.2 MMbbls net to 88E. Upgraded Ivishak Prospective Resource Estimate for the North-West Hub, increasing ~44% to 69.9 MMbbls (gross unrisked, 2U), 58.2 MMbbls net to 88E following further geophysical analysis. Augusta-1 exploration well will now test up to 133.7 MMbbls Prospective Resources (gross unrisked 2U), 111.4 MMbbls net to 88E across the Ivishak, Kuparuk and Brookian reservoir intervals. Augusta Prospect now defined across multiple stacked reservoir intervals, including Brookian, Kuparuk and Ivishak targets, providing multiple potential pay zones within a single drilling opportunity. Ivishak, Kuparuk and West Sak are proven producing reservoirs, with extensive regional production history, nearby well control and direct analogues from the adjacent PBU and KRU. The updated Prospective Resource Estimate further enhances 88 Energy's South Prudhoe Project, strategically located immediately south of the Prudhoe Bay Unit and Kuparuk River Unit, the most significant producing onshore oilfields on Alaska's North Slope. The estimate incorporates new technical work across the North-West Hub, including further interpretation of the Schrader Bluff 3D seismic dataset, updated geophysical velocity analysis, regional calibration, and integration of nearby well and production data. This prospective resource estimate has resulted in: a maiden Brookian Prospective Resource Estimate across the West Sak and Upper Schrader Bluff reservoirs; an upgraded Ivishak Prospective Resource Estimate for the North-West Hub, including the Augusta Prospect; confirmation of material stacked pay potential across shallow Brookian targets and deeper proven conventional reservoirs; and confirmation of Augusta-1 as the Company's highest-priority South Prudhoe drilling target. The South Prudhoe Project now contains 768.9 MMbbls of total gross unrisked 2U Prospective Resources, 640.7 MMbbls net to 88E, positioning the project as a major North Slope exploration opportunity with the scale, reservoir diversity and infrastructure proximity required to support a potential future development pathway, subject to exploration success, appraisal and commercial studies. The maiden Brookian Prospective Resource Estimate for the North-West Hub totals 181.5 MMbbls gross unrisked 2U of oil, equivalent to 151.2 MMbbls net to 88 Energy. The Brookian interval includes two shallow reservoir targets, the West Sak and Upper Schrader Bluff reservoirs, which add substantial scale to the North-West Hub and provides additional optionality for future appraisal and development planning in the event of drilling success. In particular, the West Sak O sand reservoirs are a proven shallow oil system within the adjacent KRU and PBU, where commercial development has been enabled through phased drilling and use of existing infrastructure. The West Sak Participating Area within the KRU was established in 1997 after the Alaska Department of Natural Resources recognised the reservoir's ability to produce hydrocarbons in paying quantities. The reservoir comprises stacked, shallow Late Cretaceous marine sandstones, typically with high porosity and heavy oil ranging from approximately 15 to 22 degrees API. The Orion field began production from the O sands in 2002 and the Orion Participating Area was established in 2009 within the PBU. This provides a strong analogue for 88 Energy's South Prudhoe North-West Hub, and the potential within the West Sak Oa and Ob reservoirs. The nearby West Sak J-pad producers adjacent to the North-West Hub demonstrate that equivalent sands can deliver commercial production.